Powell stays on - Board continuity

May 15 is the date that matters: Jerome Powell said he will remain a Fed governor after his term as chair expires on May 15, while his Board term runs until January 2028federalreserve.gov reuters.com). This meeting was already framed as what could be Powell's last as chair reuters.com, so the trading read-through is simple: continuity in Board composition, not a new policy impulse. The same FOMC decision held rates at 3.5% to 3.75%, and the statement showed four dissents federalreserve.gov, which means the policy signal was already a divided committee. Hit for the continuity trade is that a chair handoff no longer implies an immediate governor vacancy or a full reset of Board math. Miss for the clean-break trade is slower turnover around the new chair. What would change that read is a later signal that Powell will leave before January 2028, which would reopen the faster-turnover story federalreserve.gov.